Cigna Corporation Announces Termination of Anthem Transaction

Outlines plans for increased share repurchase

Seeks reverse termination fee and other damages from Anthem

BLOOMFIELD, Conn., 12 May, 2017 - Cigna Corporation (NYSE: CI) announced that the merger agreement with
Anthem has been terminated. Anthem did not appeal the Delaware Court of
Chancery’s decision denying Anthem’s motion for a preliminary injunction
that sought to prevent Cigna from terminating the merger agreement.

Anthem was required under the merger agreement to lead the regulatory
approval process and to use its reasonable best efforts to obtain
regulatory approval. As Cigna has stated, it believes that Anthem
willfully breached those obligations and as a result the transaction did
not receive the requisite regulatory approvals. Cigna seeks prompt
payment of the $1.85 billion reverse termination fee and will pursue our
claims for additional damages of over $13 billion against Anthem for the
harm that it caused Cigna and its shareholders.

Cigna has a clear path to create value in the marketplace and looks
forward to leading the healthcare industry in engaging customers and
providing support through their diverse life and health stages while we
also deliver sense of security solutions to our customers around the
world. Cigna will continue to invest in innovative capabilities and
drive to further improve affordability and personalization in part
through our value-based care models.

Cigna plans to immediately increase the open market share repurchase
activity as a result of the termination of the transaction. Cigna’s
Board of Directors had previously authorized share repurchase of $3.7
billion, and through May 11, 2017, Cigna has repurchased approximately
2.4 million shares of common stock for approximately $360 million. Cigna
expects to repurchase at least half of the remaining authorization by
December 31, 2017.

The Company looks forward to discussing its strategic growth plan during
an Investor Day to be held on June 21, 2017 in New York City.

About Cigna

Cigna Corporation (NYSE: CI) is a global health service company
dedicated to helping people improve their health, well-being and sense
of security. All products and services are provided exclusively by or
through operating subsidiaries of Cigna Corporation, including
Connecticut General Life Insurance Company, Cigna Health and Life
Insurance Company, Life Insurance Company of North America and Cigna
Life Insurance Company of New York. Such products and services include
an integrated suite of health services, such as medical, dental,
behavioral health, pharmacy, vision, supplemental benefits, and other
related products including group life, accident and disability
insurance. Cigna maintains sales capability in 30 countries and
jurisdictions, and has more than 95 million customer relationships
throughout the world. To learn more about Cigna®, including
links to follow us on Facebook or Twitter, visit www.cigna.com.

Note regarding share repurchases. The timing and actual number of
shares repurchased will depend on a variety of factors, including price,
general business and market conditions, and alternate uses of capital.
The share repurchase program may be effected through open market
purchases or privately negotiated transactions in compliance with Rule
10b-18 under the Securities Exchange Act of 1934, as amended, including
through Rule 10b5-1 trading plans. The program may be suspended or
discontinued at any time.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made with respect to information
contained in this release, may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on Cigna's current expectations and
projections about future trends, events and uncertainties. These
statements are not historical facts. Forward-looking statements may
include, among others, statements regarding the merger agreement and the
transactions and litigation related thereto, future financial or
operating performance, including our ability to deliver personalized and
innovative solutions for our customers and clients and future growth,
business strategy, strategic or operational initiatives; economic,
regulatory or competitive environments, particularly with respect to the
pace and extent of change in these areas; financing or capital
deployment plans and amounts available for future deployment; our
prospects for growth in the coming years; and other statements regarding
Cigna's future beliefs, expectations, plans, intentions, financial
condition or performance. You may identify forward-looking statements by
the use of words such as “believe,” “expect,” “plan,” “intend,”
“anticipate,” “estimate,” “predict,” “potential,” “may,” “should,”
“will” or other words or expressions of similar meaning, although not
all forward-looking statements contain such terms.

Forward-looking statements are subject to risks and uncertainties, both
known and unknown, that could cause actual results to differ materially
from those expressed or implied in forward-looking statements. Such
risks and uncertainties include, but are not limited to: uncertainty as
to litigation with respect to the reverse termination fee and/or
contract and non-contract damages for claims filed against Anthem; the
risk that a government entity or court of competent jurisdiction, in any
litigation, arbitration or other forum, finds in any binding or
non-binding decision that Cigna has not complied, in full or in part,
with its obligations under the merger agreement or that Cigna is liable
for any breach, willful or otherwise, of the merger agreement;
uncertainty as to whether and, if so, when Anthem will pay the reverse
termination fee; uncertainty as to litigation with respect to the suit
initiated by Anthem against Cigna, including for damages with respect to
the transactions contemplated in the merger agreement; competitive
responses to the rulings in the federal antitrust litigation or from the
Chancery Court litigation; the inability to retain key personnel;
potential adverse reactions or changes to business or employee
relationships, including those resulting from the rulings in the federal
antitrust litigation or from the Chancery Court litigation; our ability
to achieve our financial, strategic and operational plans or
initiatives; our ability to predict and manage medical costs and price
effectively and develop and maintain good relationships with physicians,
hospitals and other health care providers; the impact of modifications
to our operations and processes, including those in our disability
business; our ability to identify potential strategic acquisitions or
transactions and realize the expected benefits of such transactions; the
substantial level of government regulation over our business and the
potential effects of new laws or regulations or changes in existing laws
or regulations; the outcome of litigation, regulatory audits including
the CMS review and sanctions, investigations, actions and/or guaranty
fund assessments; uncertainties surrounding participation in
government-sponsored programs such as Medicare; the effectiveness and
security of our information technology and other business systems;
unfavorable industry, economic or political conditions including foreign
currency movements; acts of war, terrorism, natural disasters or
pandemics; as well as more specific risks and uncertainties discussed in
our most recent report on Form 10-K and subsequent reports on Forms 10-Q
and 8-K available on the Investor Relations section of www.cigna.com.
You should not place undue reliance on forward-looking statements, which
speak only as of the date they are made, are not guarantees of future
performance or results, and are subject to risks, uncertainties and
assumptions that are difficult to predict or quantify. Cigna undertakes
no obligation to update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise, except as
may be required by law.

Employment with Cigna, including employment within the LDP program, is at-will; that is, it is not for a specified period of time and can be terminated at any time for any reason, with or without cause or notice, by me or by Cigna. LDP programs, policies and processes may be changed by Cigna at any time.

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